222 N Manhattan Place 10 Units – Motivated Seller
Motivated Seller – Bring Offers. No City of Los Angeles Rent Control. Only $390,000 Per Unit. Burts & Associates is proud to present 222 N. Manhattan Place, an exceptional opportunity to acquire a 16-unit, 2023-built multifamily property in a central Los Angeles location. The property offers investors the benefits of newer construction, modern building systems, contemporary design, and limited near-term capital expenditure requirements.
The building features a desirable unit mix consisting of 14 one-bedroom units, one two-bedroom unit, and one studio. The residences offer thoughtfully designed floor plans with contemporary interiors, modern kitchens and bathrooms, high ceilings, hardwood-style flooring, stainless steel appliances, in-unit laundry, and private balconies in select units. The larger floor plans and modern finishes provide an attractive residential offering for today’s Los Angeles renter.
Building amenities include 12 subterranean parking spaces, 18 bicycle parking spaces, elevator service, controlled access, and separately metered utilities. The property’s newer construction and efficient building systems provide ownership with a lower-maintenance multifamily investment compared with much of Los Angeles’ older apartment inventory.
Ideally situated near Koreatown, Larchmont Village, Hollywood, and Downtown Los Angeles, 222 N. Manhattan Place provides convenient access to major employment centers, restaurants, shopping, entertainment, and public transportation. The combination of 2023 construction, modern amenities, efficient operations, on-site parking, and a strong central Los Angeles location makes the property an attractive opportunity for an investor seeking a high-quality, newer-construction multifamily asset.
Property Description
2023 construction, 16-unit multifamily property featuring modern four-story construction and an attractive mix of two-bedroom, one-bedroom, and studio units. The property offers contemporary interiors, individual washer/dryer hookups, central HVAC, energy-efficient tankless water heaters, a passenger elevator, and modern fire and safety systems.
Additional features include 12 subterranean parking spaces, 18 bicycle parking spaces, reflective PVC roofing, professionally designed common areas, and efficient building systems. Newer construction provides reduced near-term capital expenditures and offers investors a turnkey, low-maintenance multifamily investment.
Key Property Information
| Listing Status: | Available |
|---|---|
| Property Types: | Apartment Buildings |
| Price: | $6,249,000 |
| No. of Units: | 16 |
| Cap Rate: | 5.49% |
| GRM /GIM: | 11.91 |
| Average Occupancy: | 100 |
| Year Built: | 2021 |
| Building Size: | 14,908 Sq ft |
| Lot Size: | 0.16 Acres |
| No. of Stories: | 4 |
| Zoning Code: | LAR3 |
| Opportunity Zone: | Yes |
| Price per unit: | $390,563 |
| Parking Spaces: | 12 |
Unit mix
| Description | No. of Units | Sq ft. | Avg. Monthly Rent |
|---|---|---|---|
| Studio/1 Bathroom/Balcony | 1 | 437 | 2100 |
| 1 Bed/1 Bathroom/Balcony | 14 | 770 | 2450 |
| 2 Bed/1 Bath/Balcony | 1 | 800 | 3052 |
FINANCIAL DETAILS
| Income/expense info: | Actual |
|---|---|
| Financial year: | 2025 |
| Gross income: | 483888 |
| Effective Gross income: | 478011 |
| Operating expenses: | 134872 |
| Net operating income: | 343136 |
| Pre-tax cashflow: | 242714 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Eric Girod | (310) 691-0146 | [email protected] |
| Cynthia Burts | (310) 308-8003 | [email protected] |
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